The main issues of the Budget 2015 announced on 14th October 2014 are contained in the attached document. Click HSOC Budget 2015 to open document.
The main points affecting the majority of individuals and companies are as follows;
- Slight changing of the USC entry level and a slight reduction in some of the rates applicable at certain income levels.
- There is a new 8% USC charge on income over €100,000. This replaces the 7% charge on income over €16,016 previously in place
- Self employed will now pay an 11% charge on income over €100,000 as opposed to the previous rate of 10%
- There are no changes to the tax credits for individuals
- The single person band for the lower income tax rate is raised from €32,800 to €33,800
- The married person band for the lower rate has been raised from €65,600 to a maximum of €67,600
- Relief at 20% will be allowed on water charges up to a maximum of €500 per annum
There are many other changes in this budget and a more detailed summary of them is included on the attached document. See above to open the document.
If you have any questions or queries in relation to the budget please do not hesitate to contact our tax department on 01-2804731 or via email at email@example.com
The above content should not be relied upon as taxation or professional advice. The content is the opinion of the writer and HSOC are not liable should a person use the information contained above to make personal decisions.